Introduction to Crypto.com (Part 2 - what exactly is crypto.com?)

Cryptocurrency 加密货币 (or Bitcoin 比特币 / Ethereum 以太坊 as most people know these terms outside of the crypto space) is an unregulated decentralized asset that runs on blockchains and only a handful of countries, cities, and companies have fully accepted and embraced its existence today with open arms.

That's why the tagline "FORTUNE FAVOURS THE BRAVE" by crypto.com resonates with me. This is the very sole reason why I chose to be involved in the crypto space at this early stage of this novel piece of technology and I am a current user of crypto.com.

Every novel technology, idea, way of doing things differently from current processes do carry some form of uncertainty and risk towards the unknowns for the first group of brave people who have decided to take a leap of faith.

Thus, I have decided to bring this up and highlight the current situation with respect to cryptocurrency as a whole with this concept.

I believe that we have just witnessed the crossing of the chasm (diagram below) from the early adopter phase to the early majority phase where more every day people that do not invest have seen or heard somewhat of the name crypto.com.

Crypto.com has recently launched huge marketing campaigns worldwide such as being a partner of UFC for kits sponsorship and buying the rights to rename the iconic staple center as the crypto.com arena just to name a few in the current pipeline.

Crypto is not a fantasy but a reality in our daily lives now. 😁

Click on the link (referral code: xiaogege) and perform the following steps to get a Free 25 USD sign-up bonus when you sign up for a crypto.com metal visa card right now.

(if you have difficulty opening up this link in your mobile phone, you need to first open it using your phone’s *web browser)

This is not a sponsored post.😃 I have been writing and publishing my own investment-related articles for close to a year for free to share my ideas/opinions so that more can make their money work as hard for them while they sleep. 😀

What is Crypto.com?

I will be sharing key foundational information that is related to your interest if you are vested to be part of this project.

It is first founded in the year 2016 and it runs on the crypto.org blockchain. Without going in-depth, the crypto.org chain hopes to solve the 4 issues in the blockchain space.

They are the first cryptocurrency company to achieve the ISO/IEC 27701:2019 Certification, ISO27001:2013, Cryptocurrency Security Standard (CCSS) Level 3, etc.

I am familiar with ISO certification as ISO:9001 (Quality Management System) and ISO:14001 (Environment Management System) are those that I have studied during my school days and know what they meant.

ISO 27701 is the 'Privacy Information Management System'. This certification validated that the handling of confidential information is well defined and managed according to the framework and rules set forth by ISO 27701 standards.

Most recently just last month. they have also just completed the Service Organization Control (SOC) 2 Audit which was conducted by Deloitte. Having such standards will put us, investors in ease of mind knowing that processes are in place to govern our privacy and data. You can read more about it here.

What is Crypto.com's roadmap?

What makes a brand/company so powerful is the formulation of the vision and what they plan to do in the upcoming years. Having a roadmap to inform users is key to mass market adoption from a technical perspective.

In March 2021, crypto.com has released its Intergalactic Roadmap which comprises 5 phases of developments concerning the crypto.org blockchain.

Phase 1 has been completed as it is up and running at the moment while phase 2 had just recently been passed. I will say that they are currently in phase 2 of their roadmap and more are to come soon.

• Phase 1: Canis Major: NFTs (Passed = June 2021)
• Phase 2: Draco II: Coin Issuance and Ethereum Virtual Machine (Passed = Dec 2021)
• Phase 3: Tucana III: Decentralised exchange with Automated Market Making
• Phase 4: Hyrus I: Smart Contracts
• Phase 5: Carina III: Decentralised Finance and Oracle

Click here to see the Crypto.org Chain Intergalactic Roadmap

What are the main key pillars of Crypto.com currently?

Crypto.com is much more than just an online crypto exchange. It consists of these 4 major components under its evergrowing umbrella of services:

Crypto.com App (hot wallet - centralised)

• Crypto.com debit visa card, supercharger, crypto earn, crypto pay, etc.
• A place to do your payments

If you have not yet signed up, click on the link (referral code: xiaogege) and perform the following steps to get a Free 25 USD sign-up bonus when you sign up for a crypto.com metal visa card right now.

(if you have difficulty opening up this link in your mobile phone, you need to first open it using your phone’s *web browser)

Crypto.com Defi wallet (cold wallet - decentralised)

• Store your crypto in a safe vault-like location, earn, DApps, etc.

Crypto.com Defi wallet is a non-custodian account and you will have full access and control of this account as long as you keep the 12-word recovery phrases with you safely at all times. These are also called your private keys.

Most Defi applications are built on the Etherum blockchain (ERC20). You need to pay the xxx amount of gas fees to do a particular action on your wallet such as buy, sell or transfer crypto.

But with the recent breakthrough of Cronos (CRC20), the scalable EVM-compatible chain developed by the Crypto.org team has significantly lowered the transfer fee and processing time to buy various crypto in the Defi wallet. Now it is only available for a few selected coins and you can avoid paying crazy gas fees for doing the same action as shown. How cool is that! 😂

For example, I will like to buy some USDC coins. If I chose to buy using the Ethereum network (ERC20), I will need to pay a gas fee of 25 USDC and that is an absurd amount. However, with Cronos (CRC20), I can now buy with just 0.6 USDC gas fees.

Crypto.com Exchange (hot wallet - centralised)

• Do advance trading, lending and there are other features here as well.

You might be confused on why is there a Crypto.com App and Crypto.com Exchange at the same time. Both have different purposes and both the app and exchange are interlinked with the same account that you first signed up with. The transfer of coins to and fro from these two has zero network fees.

There are currently 3 different kinds of mobile applications to download to use the various services as shown.

Crypto.com NFT platform (newest kid on the block)

• Completed under phase 1 Canis Major roadmap.
• Marketplace to buy and sell digital art in various forms. There are huge partnerships with various entities such as UFC, Gareth Bale, Seria A, etc.

Both the Defi wallet and NFT account will need to first connect and link up with your main crypto.com account app to have access first before you can start to use the features. Don't worry as the steps are pretty straightforward and you will know how to handle them.

Crypto.com Insurance Programme

Placing our hard-earned money on the trust of others is something that we all are fearful of as we place our trust in them to take care of our funds. Rest assured as they have something up their sleeves as well to mitigate such scenarios.

With the recent announcement by crypto.com, they have secured and expanded their insurance coverage to USD 750 million for both custodian and non-custodian coverage against physical damage, destruction, or 3rd party thefts.

Sign-up Process

For the signup process, you are first required to do the necessary “know your customer” (KYC) personal verification steps

Once you have filled in the necessary details, wait for the verification team to certify your details. Once they have done so, you will get an email notification of your sign-up application, and you will be ready to start. 😃

Is Crypto.com right for me?

It is not easy to digest so much information in such as short period of time 😅 and this article that I have just shared with you is really just the tip of the iceberg of what Crypto.com as a company is doing in the crypto space.

I will be providing more information on the different features that they offer in subsequent articles and stay tuned as I will go deeper into those topics.

I came across this ‘Ask me anything’ (AMA) session between crypto.com CEO and CMO, and the contents discussed in this video I feel will answer most of your basic questions regarding the features and future plans moving forward. Click here to watch the AMA if you can.

"FORTUNE FAVOURS THE BRAVE".

If you believe in the project and the team behind it, click on the link (referral code: xiaogege) and perform the following steps to get the Free 25 USD sign-up bonus when you sign up for a crypto.com metal visa card right now.

http://crypto.com/app/xiaogege

• Click on the link and download the app via the Apple App store or Google Play store

(if you have difficulty opening up this link in your mobile phone, you need to first open it using your phone’s *web browser)

• Submit and confirm your email
• Do the KYC verification

I will be posting more crypto.com content so stay tuned! 😀

Originally published https://marcusseetoh.medium.com/

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